Nikolay Kotsev

The Specialised Municipal Privatisation Fund (SMPF) in Sofia expects revenues of BGN 17,800,000 in 2010. This amount is the sum of net proceeds from the privatisation of municipal real estate, yields from interest, and repaid loans extended by SMPF to the Sofia Municipality and companies with municipal participation. This became clear from the fund’s annual programme presented to the media yesterday.

SMPF is collecting the proceeds from the sale of municipal property. The aim is to reinvest the proceeds from the privatisation in Sofia in strategic projects. At the beginning of the year, the fund had BGN 305,000 in its current account and had deposited BGN 35.5 mln. According to the report submitted in the beginning of 2009, the fund had more than BGN 90 mln in its account. The SMPF Management Council reported a record-high decrease in the fund’s balance sheet in a year's time due to the accelerated payment of construction and repairs in Sofia over the last year and the purchase of equipment for municipal hospitals.

The fund’s programme for 2010 was drafted by the SMPF Management Council, chaired by the municipal councillor from GERB (Citizens for European Development of Bulgaria), Orlin Alexiev. Sofia's Deputy Mayor responsible for finances, Minko Gerdjikov, is manager of the council.